South African Retailer Pick n Pay Now Accepting Payments via BTC at All Its Stores

South African Retailer Pick n Pay Now Accepting Payments via BTC at All Its Stores

Pick n Pay, one of South Africa’s leading retailers, reportedly now accepts bitcoin as payment at all its stores across the country. Using the bitcoin lightning network, Pick n Pay’s customers can now buy items such as groceries, airtime and electricity tokens. Using BTC for Everyday Purchases

Just a few months after it began accepting bitcoin payments at selected outlets, the South African retailer, Pick n Pay (PNP) now reportedly accepts bitcoin at its more than 1,500 stores across the country. According to reports, PNP customers can now buy groceries, airtime and electricity using the bitcoin lightning network.

As reported by Bitcoin.com News in Nov. 2022, the South African retail giant’s acceptance of bitcoin as a means of payment was made possible by the Financial Sector Conduct Authority (FSCA)’s decision to declare crypto a financial product. Before that, PNP said it had experimented with BTC payments at one of its staff canteens in 2017. While the experiments were successful the retailer said using the technology was at that time seemingly not cost-effective. BREAKING: 🇿🇦 One of South Africa"s largest retailers, Pick n Pay, now officially accepts #Bitcoin and Lightning payments in ALL of its over 1,500 stores 🙌

— Bitcoin Magazine (@BitcoinMagazine) February 1, 2023

Reacting to the announcement, Crypto QR, a South Africa-based crypto payments firm, saluted PNP’s move which allows residents to use bitcoin for everyday purchases.

“Good news, everyone! Crypto QR is now active at all Pick-n-Pay stores across South Africa, including PnP express and clothing shops! You can also buy airtime and electricity, plane and bus tickets, and pay your municipal bills with Bitcoin at the till, “Crypto QR said in a tweet. The Legitimate Use of Bitcoin in a Store

Meanwhile, some Twitter users have lauded PNP for taking a step that helps those seeking to promote the use and adoption of bitcoin as an alternative payment method. One user Kelly Yanes said this is the first time she has “seen legitimate uses of bitcoin in person at a public space and store.” Until BTC stabilizes in price using it to buy things is a horrible idea. Seconds after you buy something it can go up and you overpaid a ton

— NoFilterNoFluff (@7th_Rule) February 2, 2023

However, a few other users were quick to highlight the disadvantages of using the crypto asset for everyday purchases.

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Tags in this story Bitcoin lightning network, bitcoin payment, financial product, Financial Sector Conduct Authority (FSCA), Pick n Pay

What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Nigerian Crypto Users and Enthusiasts Dismiss 100% BTC Premium Claims AFRICA | 2 days ago Nigeria Extends Deadline for Returning Soon-to-Be Demonetized Naira Banknotes AFRICA | 3 days ago

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